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Australian bank eyes Tianjin¡¯s economic area
enorth.com.cn   2006-12-01 15:00

 

(Enorth.com.cn)Australia and New Zealand Banking Group Ltd (ANZ) chairman Charles Goode and his colleagues visited the Binhai New Area, a major new economic area in North China¡¯s Port city of Tianjin and Tianjin City Commercial Bank.

Rapid development of regional economy will definitely bring huge market for the financial industry as well as a good opportunity for the cooperation between the Tianjin bank and ANZ, said Goode.

ANZ, Australia's third-largest lender, bought a 20 percent stake in the Tianjin bank for US$111.5 million in July.

ANZ will actively support the development of the Tianjin bank and hopes to gain good returns through this equity investment, a most significant step in the growth of ANZ¡¯s business in Asia, ANZ Chief Executive Officer John Mcfarlane said.

ANZ and the Tianjin bank have reached agreement in more than ten projects including personal loans, small business, trade financing and risk management. Managing staff dispatched by ANZ has arrived in Tianjin. The Tianjin bank¡¯s board has approved ANZ-nominated directors and vice president.

The Tianjin bank has recently become the focus of domestic and foreign media due to the ANZ¡¯s equity investment and its establishment of a branch in Binhai New Area. The Tianjin bank was ranked 17th in 50 large city commercial banks in China for three years in a row. It was ranked first for comprehensive competitiveness among the country¡¯s six banks which were included in 2006 top 1000 world banks for the first time, a bank listing complied by British magazine The Banker released by the Xinhua News Agency. According to the bank listing, it was ranked 672th in 2006 top 1000 world banks.

By the end of October, the Tianjin bank saw total assets of 81 billion yuan (US$10.33 billion), an increase of 25 percent from the same period a year earlier. Its deposits totaled 64.3 billion yuan, up 21,8 percent while loans stood at 34.8 billion yuan, up 16.8 percent.

The Tianjin bank¡¯s capital adequacy ratio and NPL provisioning coverage ratio, two key indicators for its financial status, hovers around 11.37 percent and 100 percent respectively, better than the industry average, making it one of the city commercial banks with biggest potential.

ANZ held its board meeting in Tianjin with all members of the board present. All the board members paid a special visit to the Binhai New Area and the Tianjin bank to hasten their development strategy in the port city.

ANZ was founded in 1835 and is headquartered in Melbourne, Australia. The lender currently has a network of 1,190 branches in 27 countries (720 in Australia) and 28,000 employees as well as 5 million customers with total assets of US$260 billion. As a leading bank in both Australia and New Zealand, ANZ primarily provides banking and financial products and services to retail, small business, corporate, and institutional clients.

 

 
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Editor: Zhang Jialu
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